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Litecoin Price Analysis: LTC/USD bulls dealt a rejection blow

Litecoin price is trading in negative territory by 0.30 % in the session on Friday.
LTC/USD pressure is back on to the downside, after the exponential gains on Thursday.
The next major area of support will be eyed back down at the $40 mark.

Ken Chigbo Independent Analyst

LTC/USD daily chart

Price action has retested a breached bear flag and has so far been dealt a rejection, leaving the door open to another drop.

LTC/USD 60-minute chart

Given the current price behaviour, there is a risk of a reversal of the gains made in the period session. Bears broke out of a narrowing triangular structure to the downside.

Spot rate: 42.04

Relative change: -4.35%

High: 42.79

Low: 41.67

LTC/USD

Overview
Today last price	42.0084
Today Daily Change	-0.5561
Today Daily Change %	-1.31
Today daily open	42.5645

Trends
Daily SMA20	41.4752
Daily SMA50	44.529
Daily SMA100	54.9879
Daily SMA200	52.893

Levels
Previous Daily High	43.767
Previous Daily Low	37.9812
Previous Weekly High	47.6578
Previous Weekly Low	39.9638
Previous Monthly High	63.9927
Previous Monthly Low	24.9467
Daily Fibonacci 38.2%	41.5568
Daily Fibonacci 61.8%	40.1914
Daily Pivot Point S1	39.1081
Daily Pivot Point S2	35.6518
Daily Pivot Point S3	33.3223
Daily Pivot Point R1	44.8939
Daily Pivot Point R2	47.2234
Daily Pivot Point R3	50.6797

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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